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26) Milford Company had 400 units of ―Tank‖ in its inventory at a
cost of $6 each. It purchased 600 more units of ―Tank‖ at a cost of $9
each. Milford then sold 700 units at a selling price of $15 each. The
LIFO liquidation overstated normal gross profit by

27)Huff Co. exchanged nonmonetary assets with Sayler Co. No cash
was exchanged and the exchange had no commercial substance. The
carrying amount of the asset surrendered by Huff exceeded both the
fair value of the asset received and Sayler's carrying amount of that
asset. Huff should recognize the difference between the carrying
amount of the asset it surrendered and

28) A machine cost $600,000, has annual depreciation of $100,000,
and has accumulated depreciation of $450,000 on December 31,
2014. On April 1, 2015, when the machine has a fair value of
$137,500, it is exchanged for a machine with a fair value of $675,000
and the proper amount of cash is paid. The exchange had commercial
substance.

The gain to be recorded on the exchange is